Mortgage fraud has doubled since 2007
The number of fraudulent mortgage applications increased to 38 in every 10,000 in 2012, compared to 35 per 10,000 in 2011, and well above the 18 per 10,000 in 2007, according to figures from credit reference specialists Experian who suggest that the continuing economic problems and squeeze on benefits will result in more cases (although the total rate of fraud on financial products has fallen since 2007).
Around 90% of cases involved people deliberately lying on applications, in particular about their poor credit history but also about employment status and general financial position.
Experian say the worst offenders were the middle-aged, middle-class, and skilled working-class sectors of society.
“As a result of poor or patchy credit, more and more ‘non-professional’ fraudsters are clearly attempting to ease their position, misrepresent applications or make exaggerated claims over their income and personal finances,” said Nick Mothershaw, UK director of identity and fraud at Experian.mortgages
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